New buyer credit guarantee to Lindblad Expeditions

The American expedition cruise and adventure travel company Lindblad Expedition Holdings Inc. (“Lindblad”) has received financing from Export Credit Norway and GIEK for a new polar expedition vessel from Norway based Ulstein Verft shipyard.

Lindblad is an established global market leader within authentic expedition cruises in the Polar Regions, among others. The company offers adventure travel with focus on extraordinary content, in close cooperation with National Geographic and, through its subsidiary Natural Habitat, with World Wildlife Fund. The company presently operates 12 expedition vessels, of which it owns seven, in addition to two vessels under construction. Lindblad is listed on NASDAQ stock exchange in the U.S. This is the first the guarantee GIEK has issued to Lindblad.

The state-of-the-art new polar vessel is based on the Ulstein X-BOW® CX104v design which provides fuel efficiency while significantly improving guest comfort in rough seas. The vessel will be built to a high ice class for access deep into polar regions. Focus is on safety and comfort, as well as incorporating innovative sustainability solutions to reduce its environmental impact. The vessel will be equipped with 69 spacious guest cabins and suites will include 12 cabins for solo travellers. A spa and fitness area will include treatment rooms, saunas, a fitness room, a relaxation area and yoga room; and there will be two infinity Jacuzzis. Dining offerings include a main restaurant with outstanding views to the surroundings, and an outdoor barbeque and bistro area.

The guarantee from GIEK is a Buyer credit guarantee of USD 75m and covers a loan from Export Credit Norway to US-based Lindblad Expedition Holding, Inc (“Lindblad”).

Citibank in London acts as an agent and participates in the financing.

The vessel is expected to be delivered from the Ulstein yard in January 2020.